China now has the right to build a Nicaraguan canal to compete with Panama Canal

  

In a move that may turn out to be a lot more historically important than China’s reported lunar landing this weekend, the Sandinista government of Nicaragua is rapidly moving forward with a plan to allow a Beijing-based Chinese businessman to build a huge canal connecting Nicaragua’s Pacific and Atlantic coasts.
The plan gives telecommunications CEO Wang Jing a very generous set of concessions in exchange for a promise to build an inter-ocean canal three times the length of the Panama Canal, reports the Daily Mail. A bevy of tax-free side projects involved in the deal includes lucrative ports, an international airport, a cargo railway and an oil pipeline across the country.
The deal also lets Wang take private land for his projects—likely for a fraction of market value.
The price tag of the canal alone is estimated at between $40 and $50 billion.
Under the terms of the deal, Nicaragua receives $10 million a year for 10 years as well as a gradually larger portion of ownership of the canal over the course of a century. After 100 years, the country would own the canal. However, the payments and the ownership transfer only occur if the canal actually gets built.

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http://dailycaller.com/2013/12/15/china-now-has-the-right-to-build-a-nicaraguan-canal-to-compete-with-panama-canal/